UNH - Cigna shares drop 11% on disappointing Q2 results dragging down other insurers too

Shares of health insurer Cigna Corp. (CI -10.8%) are down in afternoon trading following Q2 2021 earnings results this morning that were not received well by the Street. The reason for the drop is the company's medical loss ratio widened 15 percentage points year over year to $85.4%, while its consolidated adjusted income for FY 21 forecast came in below below estimates. The company also said its FY 21 forecast includes net unfavorable impacts from COVID-19. Cigna, however, did beat Street estimates on profit and revenue. Other health insurers: UnitedHealth Group (UNH -2.6%), ANTM (ANTM -4.5%), CVS (CVS -1.9%), and Humana (HUM -2.8%).

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Cigna shares drop 11% on disappointing Q2 results, dragging down other insurers too